Page 125 - RusRPTSept21

· Listed developers enjoyed 40% y/y higher prices for 2Q21 (blended RUB192,000/sqm). These are a key for coping with less affordable mortgages, via discounts and credit products with banks to smooth growing rates.
· PIK and Samolet offer exposure to the country’s largest land banks (16.5mn sqm and 20mn sqm) and have more flexibility to respond to a slowdown and capitalise on the reduced market offer (-20% in 1H21 in Moscow).
· PIK’s shares have doubled YTD but a P/NAV of 1.2x is the most balanced exposure. Samolet has surged 153% YTD to a P/NAV of 0.6x on rapid operations growth. LSR and Etalon lost 3-9%, and lack rerating factors.
9.1.5 Retail sector news
125 RUSSIA Country Report September 2021 www.intellinews.com
The Federal Anti-Monopoly Service is conducting checks at Magnit, X5 Group and Lenta concerning potential cartels and unfair price hikes for socially important goods.